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What is a 1098 tax used for Form: What You Should Know
S. Department of the Treasury What is a federal tax return? A federal tax return is an application used by taxpayers to make income tax and federal business income tax (or FICA) deductions. It is similar to a federal income tax return in that taxpayers use their tax returns to determine their taxable income and filing status. It is more complex and more complex. If a tax return involves many tax forms, such as the standard federal tax forms (Form 1040) and the special individual taxpayer tax return (Form 1040A), it is called a Form 1040X. How were the 1098-T forms created? In the early 1950s, after a severe recession during the Great Depression, Congress amended the Corporations Code to create 1098-T as a way to track federal student loans repaid to colleges. The 1098-T forms allowed the authorities to know who repaid their student loans and when, making it possible to determine whether those loans are paid in full on time. What is one of the 1098-T forms? Form 1098-T (or Form 1099-R, for student loan repayment) tells colleges and universities how much in student loans a student or their parents repaid and when. These payments are generally tax-deductible and also reduce a student's tax and social security withholding—although the amount can be negative. The information is part of the college's federal tax receipt. Is there an online version of the Form 1098-T? Yes, you can find the electronic version of the 1098-T form at the IRS website. It allows you to add, re-enter, or amend an additional Form 1098-T when you make an electronic payment. What if I don't know the tax code assigned to my student loan payment or my parents' student loans? The IRS has a tool called the Free Tax Law Guide to help you determine the amount of taxes you and your parents will owe.
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